ROSELAND, N.J., Nov 03, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- To Provide Critical Valves for the Nuclear Propulsion Systems
Curtiss-Wright Corporation (NYSE: CW) announced today it has been awarded a contract inclusive of options in excess of $83 million to provide critical valves for the U.S. Navy's next four Virginia-Class submarines and second Ford-Class Aircraft Carrier. The award from Bechtel Plant Machinery, Inc. (BPMI) is for an initial ship-set of submarine valves and long lead materials valued at approximately $15 million. The contract contains options for another submarine ship-set and an aircraft carrier ship-set funded in 2008 and two additional submarine ship-sets to be funded in 2009. Curtiss-Wright's Flow Control segment will perform the work at its facility in East Farmingdale, N.Y. Delivery of these components is scheduled to commence in 2009 and continue through 2017.
"Since the inception of nuclear powered ships, Curtiss-Wright's commitment to providing the most advanced, reliable technologies has ensured our continued participation in these vital defense programs," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Our investments in innovation and continuous improvement programs have assisted the U.S. Navy in their cost reduction goals and, as a result, in the fiscal year 2008 defense budget, Congress appropriated funds for an additional VA Class reactor plant enabling an increased rate of production to two submarines per year beginning in 2011. In addition, the procurement of long lead nuclear components for the second aircraft carrier will enable the Navy to begin construction of this ship on schedule."
For over 50 years, Curtiss-Wright has supplied technologically advanced products and services to the U.S. Navy with emphasis on nuclear propulsion systems. Our innovative, high-performance products which help ensure safe, reliable operations that can be found aboard every nuclear submarine and aircraft carrier commissioned by the U.S. Navy. In addition, our technology advances, including more power-dense motors and enhanced valve designs, enable more efficient operations, reducing manpower, increasing safety and reducing overall cost.
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 7,700 people worldwide. More information on Curtiss-Wright can be found at www.curtisswright.com.
About Curtiss-Wright Flow Control Corp.
Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 3,400 employees worldwide and is the Flow Control operating segment of Curtiss-Wright Corp. For more information, visit www.cwfc.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions, current expectations, estimates and projections related to the value of this contract, the continued relationship with an existing customer, the successful implementation of these two U.S. Navy programs, and the future opportunities associated with these programs. Such statements are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; a change in the political environment of the US Government, changes in competitive marketplace and/or customer requirements; a change in US government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.
SOURCE Curtiss-Wright Corporation
Copyright (C) 2008 PR Newswire. All rights reserved
News Provided by COMTEX